Companies within the scope of Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU with regard to corporate sustainability reporting (hereinafter referred to as the "CSRD") will have to report sustainability information using European Sustainability Reporting Standards (hereinafter referred to as the "ESRS"). On 31 July 2023, the European Commission adopted a delegated act on the first set of sector-agnostic standards, i.e. two cross-cutting standards (general requirements and general disclosure) and 10 topical standards (including in particular climate change, biodiversity and ecosystems, workers in the value chain and consumers and end-users). The Climate Change Standard, referred to as “ESRS E1,” stands out from the rest of the current standards. While the application of other current disclosure requirements is subject to a double materiality assessment and companies can choose to omit information without providing an explanation, climate change is the only ESG topic where, even if a reporting company determines that a matter is not material, it must include a detailed explanation describing how and why it reached that conclusion and omitted information about climate change. (Olga Gidalevitzova, Marin Denizet)